JACK MA: ALIBABA UNILATERALLY CHANGED ALIPAY OWNERSHIP

AsiaInfo Services
06-03-2011
Jack Ma: Alibaba Unilaterally Changed Alipay Ownership

HANGZHOU, Jun 03, 2011 (SinoCast Daily Business Beat via COMTEX) -- Jack Ma lately noted that Alibaba Group unilaterally transferred the ownership of Zhejiang Alipay Internet Technology Ltd., since its major shareholders Yahoo! Inc. (Nasdaq: YHOO) and Softbank Corporation only cared about their own interests.

That is to say, the top management of Alibaba fulfilled its responsibility in consideration of the interests of all shareholders when the company's major shareholders do not consider its long-term growth and the board of directors had no reply to the management team when being notified of the ownership change kicked off for the convenience of getting payment license.

Reporters find out that through two transfers respectively carried out in June 2009 and August 2010, Alipay has become a wholly owned subsidiary of Zhejiang Alibaba E-commerce Co., Ltd. The consideration for the equity change totals CNY 330 million.

Meanwhile, the negotiation between Alibaba and Yahoo about the compensation to the foreign shareholder for the ownership change of Alipay also involved the repurchase of shares held by Yahoo in Alibaba.

Source: www.caing.com.cn (June 03, 2011)

KEYWORD: HANGZHOU INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
E-commerce
SinoCast China Business Daily news
Jack Ma
ownership
shareholder
payment license
compensation

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